BFIUSDT
BFI / Tether USD
crypto

TL;DR ()
• Trader = risk + pricing + capital, not direction.
• BTC = macro hedge, no internal economics.
• ETH = productive infrastructure, fees + burn + optionality.
• No risk model → don’t trade.
⸻
Let’s reset definitions.
In a real BFI, a trader:
• controls risk (σ, VaR, stress),
• sets the price (Δ, γ, funding, capital),
• optimises RAROC = PnL / capital,
• manages a live book under balance-sheet constraints.
Pricing comes from
∑ risk × capital cost × liquidity,
not from opinions or candles.
Sales don’t price.
They distribute the price.
Traders own the risk function.
If you’ve never quoted through volatility with limits blinking red,
you’re not trading — you’re guessing direction.
⸻
Bitcoin (BTC) — macro beta, no endogenous growth
• Issuance post-halving: ~450 BTC/day.
• Security budget still >85–90% subsidy, not fees.
• Fee revenue: bursty, non-scalable.
• Cash flow: 0.
• Reinvestment loop: ∅.
BTC prices liquidity regimes, real rates, and reflexivity.
Formally:
Value ≈ f(liquidity, belief).
⸻
Ethereum (ETH) — settlement infrastructure with economics
• L1 fees: $1.5–3.0bn/year.
• EIP-1559 burn: ~3.5–4.5m ETH cumulative.
• Net issuance: ~0% ↔ negative when activity rises.
• Staked supply: ~28% → economic security via opportunity cost (r).
L2s expand throughput and settlement demand.
⸻
Why retail gets wiped
Unpriced risk, no volatility framework, no portfolio construction.
If you can’t model cash flows, issuance, and σ, stay out.
⸻
Conclusion
“In the short run, the market is a voting machine.
In the long run, it is a weighing machine.” — Benjamin Graham
Merci à ceux qui ont lu jusqu’à la fin.